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We Speak about Blockchain development, Cryptocurrency & Fintech news..Mon, 21 Jan 2019 07:07:04 +0000enhourly1http://hashcashhcx.com/wp-content/uploads/2018/12/hcx-fav-icon.pngHashcashHCXhttp://hashcashhcx.com
3232noWe Speak about Blockchain development, Cryptocurrency & Fintech news..Why is $1 Billion Bitcoin Giant Bitfury Building a Blockchain Music Service?http://hashcashhcx.com/bitfury-blockchain-music-service/
http://hashcashhcx.com/bitfury-blockchain-music-service/#respondMon, 21 Jan 2019 07:05:46 +0000http://hashcashhcx.com/?p=528The Bitfury Group, an early bitcoin mining firm turned global blockchain company based out of London, has announced that it will launch an entertainment division tasked with developing an open-source music platform that runs on blockchain technology. From Mining Bitcoin to Tracking Music IP on a Blockchain Tech companies trying to make waves in the […]

]]>The Bitfury Group, an early bitcoin mining firm turned global blockchain company based out of London, has announced that it will launch an entertainment division tasked with developing an open-source music platform that runs on blockchain technology.

From Mining Bitcoin to Tracking Music IP on a Blockchain

Tech companies trying to make waves in the music industry is nothing new. Bitfury is a significant player in the blockchain industry, however, which makes this foray particularly interesting. The aim of decentralizing the music industry has long been a pipedream but could now be closer to reality.

The open-source platform, labeled SurroundTM, will purportedly simplify the safe transferal of copyright assets. At the very core of the project is the creation of an environment that allows musicians to manage their affairs far more efficiently. This includes monitoring their output, being able to see what works, and — most importantly — what doesn’t. According to Bitfury, SurroundTM will lead the way in promoting innovation within the music industry.

Speaking to Reuters, Bitfury Surround CEO Stefan Schulz commented:

There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional point of view.

The platform itself will look to provide a digital system for both monetizing and sharing intellectual property. Based out of Europe with a presence in Amsterdam and Berlin, offices in Tokyo, LA, Moscow, and Seoul are set to follow. Schulz, a veteran of the entertainment and music industry, said that although “the actual platform is being put together and developed as we speak,” it wouldn’t be near completion for quite a while.

Bitfury isn’t the only major firm to eye blockchain as a solution to copyright management. Via a licensing agreement, Kodak‘s blockchain platform also offers photographers the ability to register their images and secure their intellectual property.

Bitfury Becomes Bitcoin Mining’s Latest Unicorn

Recently valued at $1 billion, The Bitfury Group raised $80 million from investors late last year, including Mike Novogratz-led merchant bank Galaxy Digital. The former Fortress Investment Group hedge fund manager’s contribution helped push Bitfury’s valuation into the “blockchain unicorn” category inhabited by firms such as Bitmain, Coinbase, and Circle.

]]>The investment arm of logistics giant UPS has made an undisclosed equity investment in United States enterprise blockchain company Inxeption, the firm confirmed in a press release Jan 16.

Inxeption, which began operations in 2017, aims to use blockchain technology to improve various processes for businesses, including product design, manufacturing and supply chain management.

Neither party has revealed the scope of the deal, which will reportedly see Inxeption and the UPS Strategic Enterprise Fund work in tandem in future to develop new features for Inxeption’s platform.

“Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers,” Inxeption CEO and co-founder Farzad Dibachi commented in the press release.

Describing its product as an e-commerce platform for the B2B market, Inxeption joins a steadily increasing pool of blockchain initiatives focused on using distributed technology to make complex corporate systems more transparent.

UPS CMO Kevin Warren stated in the press release that “Inxeption’s technology is attractive to UPS because it helps unlock new efficiencies for customers using B2B e-commerce platforms.”

Supply chains have proved a particular area of interest amongst firms developing blockchain solutions in 2019. Several blockchain-based supply chain projects have been announced in the past week alone, as diverse as cobalt supplies and food for the upcoming World Economic Forum (WEF) in Davos.

The Inxeption partnership reveals UPS’ belief in blockchain’s potential, despite cautionary words from a senior executive last month that forecast little impact from the technology in 2019.

“We have a small team looking at blockchain, but we are still searching for the killer use case,” the company’s executive vice president of technology and chief digital officer Linda Jojo told mainstream media in December.

]]>http://hashcashhcx.com/ups-equity-investment-partnership-inxeption/feed/0Crypto Energy Consumption: How Green is Blockchain Technology?http://hashcashhcx.com/crypto-energy-consumption-green-blockchain-technology/
http://hashcashhcx.com/crypto-energy-consumption-green-blockchain-technology/#respondFri, 18 Jan 2019 07:30:59 +0000http://hashcashhcx.com/?p=522Somehow blockchain was able to draw criticism for being rough on the environment. While it is easy to see how Bitcoin mining is something of a gray area environmentally, blockchain has vast potential in the development of green technology. Bitcoin and Ethereum mining is probably why cryptos and blockchain were associated with environmental destruction. Bitcoin […]

]]>Somehow blockchain was able to draw criticism for being rough on the environment. While it is easy to see how Bitcoin mining is something of a gray area environmentally, blockchain has vast potential in the development of green technology.

Bitcoin and Ethereum mining is probably why cryptos and blockchain were associated with environmental destruction. Bitcoin mining began to consume vast amounts of power as it became more popular during 2017, and by the time December 2017 came around, some estimates put the bitcoin network’s power consumption on par with the nation of Denmark.
That would put a single transaction from that time at 250kWh, or enough to power a house for more than a week.

Bitcoin won’t be replacing Visa anytime soon.

Blockchain, on the other hand, is as efficient as the architecture that supports it. Blockchains like Bitcoin and Ethereum use ‘proof-of-work’ to incentivize people to operate the nodes that allow the network to function, but there are many other ways to create a blockchain network.

Richard Branson Digs Green Blockchain Project PowerLedger

More recently Spain’s Iberdrola announced it completed a blockchain test project that enables it to prove that power supplied and consumed is 100% renewable. Creating records at a level where previous systems struggled is an area where blockchain shines, and the electrical industry will probably continue to develop blockchain-based systems for record keeping and payment purposes.

Where Money and Power Meet

The financial side of the global energy system is a source of massive waste.

Arun Ghosh, Blockchain leader at KPMG US, says that,

“While still maturing, blockchain solutions are driving increased levels of trust, transparency and transferability between people and organizations that originate, distribute and consume goods and services,” and that, “The decentralization and digital verification enabled by blockchain are accelerating environmental governance which is at the core of rebuilding and addressing environmental challenges such as rising sea levels, toxic waste and measured use of fossil fuels.”

Ghosh touches on one of the most powerful aspects of blockchain. Instead of having to trust a complex series of transactions that have to be verified by humans, blockchain allows people to trade minute amounts of electricity, and create small-scale generation systems that will be consumed locally.

The idea of a local power grid isn’t as new as blockchain, but without blockchain, the financial end of the operation would be very hard to make a reality. Blockchain platforms like the one that PowerLedger designed removes humans from the operation of power generation and distribution systems almost entirely and allows trade settlement in the absence of banks.

A Simple Concept

One hundred years ago, humanity didn’t have many options when it came to energy sources. Today, small and medium scale solar generation can fulfill (most of) the energy needs of people in many places that have sufficient sunlight.

Relatively inexpensive battery technology is another force that is changing our options for power infrastructure, but without inexpensive record keeping systems, it is hard to bridge the gap between our current technology, and what is possible.

Blockchain has shown itself to be a vital part of new energy systems and may be one of the biggest forces in green tech going forward. While it is fair to say that blockchain isn’t positive or negative for the environment, it didn’t take long for forward-thinking people to see its potential to enable much higher levels of resource use efficiency.

]]>Reports for 2019 market predictions indicate a period of rapid change in investment management spurred by shifting investor preferences, regulatory developments, margin compression, and demand for newer technologies. California-based blockchain expert HashCash Consultants, as a response, has launched DLT-based products and services to address the changing investment management landscape from three angles. These include aiding to choose of the right growth options, optimizing operational efficiencies, and, finally, enhancing the overall customer experience.

HashCash in Blockchain Investment Management

The blockchain solutions provided by HashCash Consultants manages and reconciles investment vehicles, such as low-risk bonds and certificates of deposit, as well as high-risk stocks, options, and futures. A team of experts examines the client’s IT infrastructure system to set up and install products that are in accordance with their data security and compliance policies. The company offers mutual funds corporate clients a customized securities trading exchange platform to issue their own securities. The exchanges are designed to manage order types including Limit, Market, Margin, Basket trading, Stop loss, Futures, and Options.

Fund Management companies have chosen the securities exchange platform by HashCash which enables easy management of securities such as investment funds, REITs, commodities, and others being listed on them around the world. Its distributed ledger technology base facilitates real-time reconciliation of titles in a tamperproof ecosystem. The distributed ledger is further utilized to store and update investment portfolios with each transaction validated by smart contracts, bestowing transparency to the documents.

HashCash Consultants provides a private blockchain network for its clients which will also tokenize the Security titles. The Securities Trading Exchange that is set up communicates with this blockchain network in managing the dynamic allocation of the Titles of the securities as trading happens on your exchange.

“Low-cost stock and options trading with the highest privacy and security is now possible with HashCash’s Securities Trading Platform,” illustrates Raj Chowdhury, MD of HashCash Consultants. “You can on-board accredited investors on your exchange through an automated validation process. Moreover, users will have advanced analytics and risk management modules at their disposal, such as a dynamic doughnut and other charts. For example, one can click a sector on the chart and the chart adjusts to show the sector composition based on market cap.”

Benefits of Blockchain in Investment Management

With blockchain, it is now possible to transfer of assets between financial institutions near-instantaneously, with the added advantage of tracking the change of hands of those assets in every step of the process.

The technology is known for its scalability and could make the client onboarding process hassle-free, expedite settlement of trades, streamline management of model portfolios, and ease compliance burdens that entail anti-money laundering (AML) and KYC. Blockchain can modify or even substitute for traditional systems, such as ACH and ACAT, removing obsolete functions altogether. Since transactions made within a blockchain network does not rely on any third party for authentication, operational expenses too are significantly reduced, and the process simplified resulting in enhanced client experience.

Customer Preferences are Diverging

Expectations between investor segments are no longer in tandem, with a majority of millennials and Gen Z (born from 1995 to 2010) choosing to opt for investment practices significantly in contrast to that of their previous generation. This group, eventually, will control a significant portion of global investable assets, especially in the wake of the multitrillion-dollar intergenerational wealth transfer that will occur in the United States and Europe.

The new crop of investors has demarcated their affinities in this field of practice: greater engagement with and access to online and mobile channels, affordable (preferably minimum) initial investment amount, and round-the-clock access to investment guidance on smart devices. A desire of advanced technological support is, however, not exclusive to millennials and Gen Z. Gen X and Baby Boomers (who may be generalized as a more experienced segment) have also displayed an interest in opportunities for interactions through their mobile and online investment accounts to attain professional advice on demand.

At the other end of the spectrum, yet another group – institutional investors – too have voiced a need for better infrastructure to facilitate better portfolio transparency, tailored investment solutions, and global products.

While the nine-year bull run has reduced the intensity of some of the challenges in the industry, experience testifies that markets work in cycles. Managers of mutual funds, hedge funds, and private equity firms in order to stay ahead of the game in 2019 will be best prepared to manage the changing market conditions if well equipped with high-tech solutions. This, at the moment, is available only in blockchain investment management models.

About HashCash Consultants

HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.

]]>http://hashcashhcx.com/hashcash-launches-blockchain-solutions-to-suit-diverging-customer-preferences-in-the-investment-market/feed/0Transparency and privacy: Empowering people through blockchainhttp://hashcashhcx.com/transparency-privacy-through-blockchain/
http://hashcashhcx.com/transparency-privacy-through-blockchain/#respondWed, 16 Jan 2019 06:58:50 +0000http://hashcashhcx.com/?p=516Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere. Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or […]

]]>Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The redundancy of the system ensures many backups, and the lack of a central storage place ensures there is no one target for hackers. Some suggest that blockchain could become a component of the next generation of the internet.

Many blockchain systems provide a technology called “smart contract:” these are the rules by which records can be accessed and modified by creating new versions. These rules define, for example, who gets access to the stored records, under what conditions, for what declared purpose and in exchange of what (payment or virtual credit). Smart contracts also record every access to the data in the blockchain.

In this way, users can permanently and securely store their data, set their own conditions and control who accesses the data and for what purpose. Because of these features, blockchain technology can be used to store user profile data.

Hoarding the data

Currently, social media giants hoard user data and use it to sell targeted advertisements (their main source of revenue). These social media networks don’t give users a real choice or awareness of what data about them are kept. They provide very few control options and no rewards for users in exchange of their data.

Recently, we have seen many cases when user data has been stolen by hackers, leading to breaches of privacy, the possibility for identity theft or exploitation of the data to manipulate people and influence public opinion towards voting. This can have serious consequences for the democratic process in a liberal society.

The unauthorized use of personal data is difficult to track. But blockchain can change that. Instead of hoarding the data of millions of users for large companies, each user can hold the keys for access to their data.

Currently, there is no universal method to track who shared what, with whom, when and for what purposes in a verifiable fashion. My current research addresses these problems by incorporating the blockchain technology.

User-controlled privacy

One of the elements of user data sharing would be to control who can share the data and by what means, and how users can be incentivized to share data. Smart contracts allow storing these access-control policies securely on the blockchain. Blockchain provides an unalterable record of all transactions. Users can also be incentivized with monetary rewards for sharing their data to commercial enterprises.

I have been researching how a blockchain-based system can keep users data safe, provide access control and provenance of their ownership, and incentivize them to share their data. My recent paper, presented at the International Conference on Blockchain in Seattle in March 2018, is the first in the area of sharing research data and it generated a lot of interest.

University of Saskatchewan professor and computer scientist Julita Vassileva has worked on ways that allow users to control the sharing of their data, and also provide incentives that preserve a user’s control and provide incentives for sharing. Vassileva’s guidance and supervision led me to experiment with blockchain technology to implement such a framework. This led to an award-winning research paper, that I presented at the 2017 Future Technologies Conference. The paper proposed a blockchain-based system to share users’ personal data among tourism businesses.

Sharing can be caring

We need new data-sharing practices so that we can maximize what we learn from research. In medicine and health care, for example, both personalized patient care and medical research can benefit from sharing research data from clinical trials.

Similar to shifts in the business world, the personalization of services is trending. Various data associated with users’ profiles and behaviours are being shared among commercial enterprises. This information is used to better help businesses target their customers and improve the quality of their services. Much of the data are contributed voluntarily by the user; others are obtained from observation of user activities, or inferred through advanced analysis of volunteered or observed data.

Users need to become active participants who stand to benefit from the personal data economy. Blockchain and smart contracts can support users in the following ways:

(1) Give the users full transparency over who accesses their data, when and for what purpose;

(2) Allow the users to specify the purposes of data sharing, which kinds of data that can be shared, and which applications or companies can access the data;

(3) Provide an incentive to users for sharing their data (in terms of payment for the use of the data by applications, as specified by the contracts).

My research project develops guidelines and methods for embedding privacy, user transparency, control and incentives from the start in the design of a data sharing framework. This is an alternative to what currently exists, providing a platform that users can trust to protect their data, have control over it and share it in the ways they want.

]]>http://hashcashhcx.com/transparency-privacy-through-blockchain/feed/0Ford Motor Company Launches Blockchain Pilot On IBM Platform To Ensure Ethical Sourcing Of Cobalthttp://hashcashhcx.com/ford-launches-blockchain-ibm-platform/
http://hashcashhcx.com/ford-launches-blockchain-ibm-platform/#respondWed, 16 Jan 2019 06:33:29 +0000http://hashcashhcx.com/?p=513Understanding the true potential of blockchain technology only becomes clear when it’s applied to solving a real-world, global problem. As drivers switch out their gas-powered cars for electric vehicles, a high demand for cobalt has emerged, a mineral used in lithium-ion batteries to power a wide range of products such as laptops, mobile devices and […]

]]>Understanding the true potential of blockchain technology only becomes clear when it’s applied to solving a real-world, global problem.

As drivers switch out their gas-powered cars for electric vehicles, a high demand for cobalt has emerged, a mineral used in lithium-ion batteries to power a wide range of products such as laptops, mobile devices and electric automobiles.

The typical electric car battery requires up to 20 pounds of cobalt and a standard laptop requires around one ounce of the mineral. According to a report from Morgan Stanley, by 2026, demand for cobalt is expected to multiply eightfold, especially for its use in electric vehicles and consumer devices.

Yet the high demand for cobalt has shed light on a major concern surrounding the unethical production of the mineral. Most of the world’s cobalt comes from the Democratic Republic of Congo (DRC), a country plagued by political instability, legal opacity and child labor in its mineral mines.

Still, more than 60% of the world’s cobalt supply is mined in the “copper belt” of the south-eastern provinces of DRC. According to Darton Commodities Ltd., a London-based research company that specializes in cobalt, at least 20% of this supply is mined by locals, such as children. The remainder is produced by industrial mines.

A Borderless Solution: Blockchain Technology

To ensure the responsible sourcing of industrially-mined cobalt, Ford Motor Company has joined forces with Huayou Cobalt, IBM, LG Chem and RCS Global to use blockchain technology to trace and validate ethically sourced minerals.

We remain committed to transparency across our global supply chain, said Lisa Drake, vice president of global purchasing and powertrain operations for Ford Motor Company. By collaborating with other leading industries in this network, our intent is to use state-of-the-art technology to ensure materials produced for our vehicles will help meet our commitment to protecting human rights and the environment.”

Built on the IBM Blockchain Platform and powered by the Linux Foundation’s Hyperledger Fabric, the project seeks to demonstrate how materials in the supply chain are responsibly produced, traded and processed. The overall goal is to create an open, industry wide network to trace and validate minerals and other materials for the automotive and consumer electronics industry.

With the growing demand for cobalt, this group has come together with clear objectives to illustrate how blockchain can be used for greater assurance around social and environmental sustainability in the mining supply chain, said Manish Chawla, general manager of the global industrial products industry for IBM. The initial work by these organizations will be used as a precedent for the rest of the industry to be further extended to help ensure transparency around the materials going into our consumer goods.”

The group, which includes participants at each major stage of the supply chain from mine to end-user, will begin with a pilot focused on cobalt, which is already underway and is expected to be complete by the middle of this year. Following this, the organizations will explore the creation of an open, industry-wide blockchain platform that could ultimately be used to trace and validate a range of minerals used in many consumer products.

From Mine To Market: Blockchain In Action

A simulated sourcing scenario was demonstrated to show the value and power of this pilot. The scenario starts with cobalt produced at Huayou’s industrial mine site in the Democratic Republic of Congo. The mineral will then be traced as it travels from mine and smelter, to LG Chem’s cathode plant and battery plant in South Korea, and finally into a Ford plant in the United States.

An immutable audit trail will be created on the blockchain, which will include corresponding data to provide evidence of the cobalt production from mine to end manufacturer. Lastly, participants in the network will be validated against responsible sourcing standards developed by the Organization for Economic Cooperation and Development (OECD).

As the validator of the network, we will bring our vast experience working on responsible sourcing at all stages of the supply chain at all times. Our collective effort allows participating companies to progress from human-led risk management to technology-led impact generation in a highly efficient and cost-effective manner. Augmenting crucial human expertise and experience, this is a demonstration of technology for good, empowering vulnerable communities and protecting the environment. We are proud to be a member of the network,” said Dr. Nicholas Garret, group CEO at RCS Global.

Traditionally, miners, smelters and consumer brands have relied on third-party audits to establish compliance with generally accepted industry standards. Coupled with these assessments, blockchain technology offers a network of validated participants and immutable data that will eventually be seen by all permissioned network participants in real time. Moreover, blockchain can also be used to help network participants address their compliance requirements.

According to Chawla, the key point is to look at this project as the world’s first mineral supply chain.

“The intent of this is to become an open, democratic blockchain network open to all supply chain networks comprised of consumer facing brands that feel pressure to adhere to guidelines laid out by OECD.”

Furthermore, while the initial focus of this blockchain project is on large-scale miners (LSMs), an important objective of the group is to help increase transparency in artisanal and small-scale mining (ASMs). This will enable these operators to sell their raw materials in the global market, while they meet their internationally ratified responsibility requirements.

The network can help enable ASM operators partner with due diligence data providers and, ultimately, join a blockchain-based network of validated participants. The pilot will also explore the use of incentives or financial benefits for ASMs and their local communities impacted by mining.

“We want to allow small scale companies that follow responsible mining practices the opportunity to join a network that would ensure a market for responsible or better cobalt. The long-term intent here is to encourage and allow a platform that will let an entire industry participate in a global economy, as the world moves to electric devices and vehicles,” said Chawla.

Additionally, blockchain technology for supply chain management can help drive trade finance and logistics, while reducing the risk of fraud. For example, MineHub Technologies, Inc. and IBM today announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing in order to reduce costs in the high-value mineral concentrates supply chain, from mine to end buyer.

The $1.8 trillion global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this by providing a shared ledger to create a single, real time view of transactions and data across the supply chain that can be seen by all permissioned participants.

Challenges To Overcome

Ultimately, there are plans to extend this pilot beyond cobalt and into tracing the supply chain of other battery metals and raw materials, including tantalum, tin, tungsten and gold. Focus industries for the solution include automotive, aerospace and defense, and consumer electronics. There is also the idea to set up a governance board representing members across these industries, to help further ensure the platform’s growth, functionality and commitment to democratic principles.

However, challenges remain. According to Chawla, one of the main challenges is verifying where these minerals are coming from. For instance, once minerals are processed, and other sources of cobalt move through the supply chain, the supply chain must be able to verify proof that each mineral comes from certain places.

“As different sources of minerals get mixed together, this becomes challenging for the supply chain. However, as the first step with our blockchain pilot, we are really encouraging companies to follow the OECD guidelines. Once this is accomplished, we will introduce technological solutions to provide better verification through the supply chain.”

The other challenge is for organizations to collaborate with local government agencies to make this more of a marque network, so that unlawful practices like child labor are brought up from a supply chain standpoint. Members can then address these challenges.

From a blockchain perspective, the purpose of this network is to help improve increased transparency so that we can focus on the fact that the minerals coming into the platform are all responsibly sourced, said Sai Yadati, partner for North America IOT, Analytics and Blockchain for IBM. The broad purpose is to make a positive social economic impact by addressing the root cause of the problem and incentivizing small companies to become a part of this network. This will ensure the responsibly sourcing of all minerals moving forward, and we are excited to start the pilot with Ford Motor Company and other leading organizations.”
Of course, attempts have been made to track the supply chain of cobalt to ensure that companies are not using child-mined cobalt in lithium-ion batteries. However, many challenges remain, as a number of informal mine sites would have to be monitored, and accurate, electronic data would need to be transmitted from remote areas, all within the borders of a lawless country.